How much do I dilute if I raise 500k on a convertible with a 20% discount?

The convertible’s term sheet: "Upon closing of an Equity Financing [before an Event of Default, a Liquidity Event or the Maturity Date], the Loan plus accrued interest ("Conversion Amount") will be converted into that number of Conversion Shares equal to the quotient obtained by dividing the Conversion Amount by the price paid per Share in the Equity Financing minus the discount multiplied with one minus the Discount."

So, with 8% interest/year, 12 months till the priced round, 4m pre-money valuation and 1m investment..

..I dilute 30%.